Ciena Corporation (CIEN) Rating Reiterated by BMO Capital Markets
Ciena Corporation (NYSE:CIEN)‘s stock had its “outperform” rating reiterated by equities research analysts at BMO Capital Markets in a report issued on Friday. They presently have a $28.00 target price on the communications equipment provider’s stock, down from their previous target price of $32.00. BMO Capital Markets’ price target points to a potential upside of 29.57% from the stock’s previous close.
CIEN has been the topic of a number of other reports. Citigroup Inc. raised shares of Ciena Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $23.87 to $29.00 in a report on Wednesday. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Ciena Corporation in a report on Thursday, August 24th. Needham & Company LLC lifted their price objective on shares of Ciena Corporation from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “hold” rating and set a $24.00 price objective (up from $23.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Finally, Zacks Investment Research downgraded shares of Ciena Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $30.06.
Shares of Ciena Corporation (NYSE:CIEN) traded up 0.23% during mid-day trading on Friday, reaching $21.66. 3,668,925 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $24.81 and its 200 day moving average price is $24.43. The company has a market cap of $3.07 billion, a PE ratio of 28.61 and a beta of 1.61. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98. Ciena Corporation also was the target of some unusual options trading activity on Wednesday. Investors bought 16,836 put options on the company. This represents an increase of approximately 851% compared to the typical volume of 1,771 put options.
Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The firm had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 EPS. On average, equities research analysts predict that Ciena Corporation will post $1.76 EPS for the current year.
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In related news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total value of $50,040.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $25.70, for a total transaction of $25,700.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,108 shares of company stock worth $1,945,437. 1.45% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. BlackRock Inc. raised its stake in shares of Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after buying an additional 15,622,062 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Ciena Corporation by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after buying an additional 203,112 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Ciena Corporation by 36.4% in the first quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock valued at $201,957,000 after buying an additional 2,283,352 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Ciena Corporation by 21.1% in the first quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after buying an additional 853,793 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Ciena Corporation by 3.9% in the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock valued at $116,319,000 after buying an additional 172,876 shares in the last quarter.
Ciena Corporation Company Profile
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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